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Forex: AUD/USD back to 1.0426 resistance

FXstreet.com (Barcelona) - The AUD/USD fell to 1.0387 low during the Asian session, but the market was able to retrace it back to the 1.0400 and Friday’s close at 1.0412. The cross has pushed as high as 1.0426 as investors get ready for the NY session.

The economic calendar will welcome March manufacturing PMI data in the US, with market consensus pointing to a rise from 54.3 to 54.9 of the Markit indicator, and a slight drop of the ISM figure from 54.2 to 54.1. “The US manufacturing sector is continuing to enjoy a period of rebound as the bounce back in domestic economic growth momentum is pushing new orders and production activity close to their highest level in almost a year. This positive momentum should be sustained in April”, wrote TD Securities analyst Alvin Pontoh.

“AUD/USD stalled and has formed a near-term range between a resistance at 1.0426 and support at 1.0395. A break from this range could give a near-term directional clue. A break above 1.0425 does open up a near-term target toward the 1.05 handle, while a break below has the 1.0335-1.0350 area which contains the 38.2% retracement, in sight”, wrote FXstreet.com analyst Fan Yang.

Forex: USD/CHF erases daily gains

The greenback started stronger at the start of the week on suggestions that deposits over 100K in two Cyprus banks may be subject of more losses than the 30% tax previously thought. After printing a high at 0.9527, the USD/CHF eased back towards the 0.9500 handle and was able to breach below it on European session time, coming as low as 0.9488.
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Forex: EUR/USD erases daily losses ahead of US manufacturing data

The day started with a risk-off tone on suggestions that deposits over 100K in two Cyprus banks may be subject of more losses than the 30% tax previously thought, but the EUR/USD was able to bounce back from its low at 1.2772. The pair erased its gains back to the opening price, but is facing resistance there, which is keeping the market slightly on “red”.
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